FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORTS YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS
|
|
- Claribel Mosley
- 5 years ago
- Views:
Transcription
1 FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORTS YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS Page MANAGEMENT S LETTER... 1 INDEPENDENT AUDITOR S REPORT MANAGEMENT S DISCUSSION AND ANALYSIS BASIC FINANCIAL STATEMENTS Statement of Net Position Foundation Statement of Financial Position Statement of Revenues, Expenses, and Changes in Net Position Foundation Statement of Activities Statement of Cash Flows Foundation Statement of Cash Flows NOTES TO FINANCIAL STATEMENTS REQUIRED SUPPLEMENTARY INFORMATION Schedule of the District s Proportionate Share of the Net Pension Liability (PERA SDTF) Schedule of the District s Contributions (PERA SDTF) Notes to Required Supplementary Information SUPPLEMENTARY INFORMATION Actual to Budget Comparison All Funds REPORTS REQUIRED BY UNIFORM GUIDANCE Independent Auditor s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditor s Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Schedule of Expenditures of Federal Awards Notes to Schedule of Expenditures of Federal Awards Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings... 77
2 MANAGEMENT S LETTER The purpose of this report is to provide readers with fiscal information on the activities and financial condition of the Aims College District (the District) as a whole. It incorporates the financial activities of Aims College (the College), its blended component units, and those of the Aims Community College Foundation (the Foundation), its discretely presented component unit. The report consists of the District s basic financial statements and notes thereto, actual to budget comparisons, and additional information. We have also included our analysis of the financial results of the District. These statements were prepared in conformity with accounting principles generally accepted in the United States of America, Colorado Higher Education Standards, and other applicable guidelines. Readers are encouraged to read the accompanying notes along with their review of the financial statements. The management of the District is responsible for the integrity and objectivity of these financial statements, which are presented on the accrual basis of accounting and, accordingly, include some amounts based on judgment. Other financial information in the annual report is consistent with information in the financial statements. A system of internal accounting controls is in place to assure that the financial reports and the books of accounts properly reflect the transactions of the District. The Board of Trustees of the District monitors the financial and accounting operations of the institution, including the review and discussion of periodic financial statements and the evaluation and adoption of budgets. The financial statements of the District and notes thereto have been audited by BKD, LLP. Their opinions follow. Chuck Jensen Vice President for Administrative Services Aims College District Financial Statements & Independent Auditor s Report for FY
3 Independent Auditor s Report Board of Trustees Aims College District Greeley, Colorado Report on the Financial Statements We have audited the accompanying financial statements of the business-type activities and the discretely presented component unit of Aims College District (the District), as of and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively comprise the District s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of Aims Community College Foundation (the Foundation), the discretely presented component unit of the District. Those statements were audited by other auditors whose report thereon has been furnished to us, and our opinions, insofar as it relates to the amounts included for the Foundation, is based solely on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. The financial statements of the Foundation were not audited in accordance with Government Auditing Standards. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 2
4 Board of Trustees Aims College District We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and the discretely presented component unit of the District as of June 30, 2017, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis and pension information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District s basic financial statements. The accompanying supplementary information including the Actual to Budget Comparison All Funds schedule and the schedule of expenditures of federal awards required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, as listed in the table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. 3
5 Board of Trustees Aims College District Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 20, 2017, on our consideration of the District s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District s internal control over financial reporting and compliance. Denver, Colorado November 20,
6 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Overview We are pleased to present this management discussion and analysis (MD&A) of the Aims College District (the District). This discussion and analysis is intended to make the District s financial statements easier to understand and to communicate its financial situation in an open and accountable manner. It provides an objective analysis of the District s financial position and results of operations as of and for the fiscal year ended June 30, District Management is responsible for the completeness and fairness of this discussion and analysis, the financial statements, and related footnote disclosures. The presented information relates to the financial activities of the District, and focuses on the financial condition and results of operations as a whole. The financial statements for the Aims Community College Foundation, a legally separate organization whose operations benefit the District, is discretely presented within the District s financial statements. Unless otherwise noted, the information and financial data included in management s discussion and analysis relate solely to the District. Understanding the Financial Statements Financial highlights are presented in this discussion and analysis to help your assessment of the District s financial activities. Since this presentation includes highly summarized data, it should be read in conjunction with the financial statements, which have the following parts: The Independent Auditor s Report presents an unmodified opinion prepared by the District s auditors (an independent certified public accounting firm, BKD LLP) on the fairness, in all material respects, of the District and its discretely presented component units respective financial position. The Statement of Net Position presents the assets, deferred outflows of resources, liabilities, deferred inflows of resources, and net position of the District at a point in time (June 30, 2017). Its purpose is to present a financial snapshot of the District. This statement aids readers in determining the assets available to continue the District s operations. The Statement of Revenues, Expenses, and Changes in Net Position presents the total revenues earned and expenses incurred by the District for operating, nonoperating, and other related activities during a period of time (the year ended June 30, 2017). Its purpose is to assess the District s operating results. The Statement of Cash Flows presents the District s cash receipts and payments during a period of time (the year ended June 30, 2017). Its purpose is to assess the District s ability to generate net cash flows and meet its payment obligations as they come due. Notes to the Financial Statements present additional information to support the financial statements and are commonly referred to as Notes. Their purpose is to clarify and expand on the information in the financial statements. Notes are referenced in this discussion to indicate where details of the financial highlights may be found. We suggest that you combine this financial analysis with relevant nonfinancial indicators to assess the overall health of the District. Aims College District Financial Statements & Independent Auditor s Report for FY
7 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Financial Highlights The following significant financial highlights occurred during the year ended June 30, 2017: District assets total $224.1 million. These assets include $86.6 million of cash and investments, $131.2 million of net capital assets and $6.3 million of other assets. District liabilities include $8.3 million of current liabilities estimated to be payable within the 2018 fiscal year. Noncurrent liabilities include $1.6 million for employee future compensated absences and $172.7 million for the District s calculated share of the Colorado State Public Employees Retirement Association (PERA) pension liability as required by Governmental Accounting Standards Board Statement No. 68 (GASB 68), Accounting and Financial Reporting for Pensions. This net pension liability was $94.7 million in GASB 68 also requires the District to record deferred outflows of resources and deferred inflows of resources related to pensions, which primarily reflect the changes in actuarial assumptions used to value the overall PERA pension liability that will be recognized in future periods. Deferred outflows of resources were $58.6 million and $16.7 million for 2017 and 2016, respectively, and deferred inflows of resources related to pensions were recorded in the amount of $0.5 million and $1.1 million for 2017 and 2016, respectively. These assets and deferred outflows of resources and liabilities and deferred inflows of resources result in a total net position of $99.5 million at June 30, 2017, and $123.4 million at June 30, This decrease in total net position of $23.8 million is detailed on the 2017 Statement of Revenues, Expenses, and Changes in Net Position. The District s unrestricted net position at June 30, 2017 is negative ($30.2 million). Unrestricted net position is comprised of $84.5 million, which may be used to meet the District s ongoing obligations, less the District s negative unrestricted net position for pension related items ($114.7 million). At June 30, 2017, the District s total net position included $2.3 million restricted by donor, grantor, or other external party intentions, and $127.4 million is net investments in capital assets. Operating revenues from student tuition, restricted grants and other operating revenues declined by 13.0 percent, from $17.5 million in fiscal year 2016 to $15.2 million in fiscal year The majority of this decline was related to decreases in restricted grant revenue and decline in helicopter program fees. The helicopter program will be terminated in fiscal year Nonoperating revenues decreased 19.0 percent in 2017 due to a decrease in property tax revenue of ($14.7 million). State appropriations remained stable at $9.0 million for 2017 and Total operating expenses increased 37.8 percent, from $76.8 million in 2016 to $105.8 million in The PERA Pension expense increased by $27.9 million. All other expense categories increased by $1.1 million, for a total expense increase of $29.0 million. Aims College District Financial Statements & Independent Auditor s Report for FY
8 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) The District completed $2.2 million and $33.0 million of building and land improvement projects during fiscal years 2017 and 2016, respectively. Depreciation expense for the District increased 15.4 percent during fiscal year 2017, from $5.8 million in 2016 to $6.7 million in The District had $21.6 million and $3.5 million in building and land improvement construction projects in progress as of June 30, 2017 and 2016, respectively. Enrollment Highlights The tables below summarize student enrollment data over the past five years. As noted below, student headcount increased from 7,530 students in 2016 to 7,966 students in Full time equivalent (FTE) student enrollment increased in total from 3,356 students in 2016 to 3,469 students in Student Headcount Enrollment Fiscal Year Unduplicated headcount Percent Change , % , % , % , % , % Student FTE Enrollment Resident FTE Nonresident FTE Combined FTE Out-of- Percent Out-of- Percent Percent Fiscal Year In-District District Total Change State Change Total Change , , % % 3, % , , % % 3, % , , % % 3, % , , % % 3, % , , % % 3, % The growth in headcount is from three main areas of growth: 1. Concurrent high school students taking college classes while still in high school, 2. Students completing coursework for personal or professional development, 3. Students seeking a college degree. High school students enrolled in a concurrent high school/college program, as well as students taking courses for personal or professional development, tend to take less than four courses during a year. As a result, student FTE generated by these populations of students is less than the headcount for these students. While headcounts have grown by 5.8 percent, student FTE has grown by 3.4 percent. Aims College District Financial Statements & Independent Auditor s Report for FY
9 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Net Position The Statement of Net Position is a snapshot of the District s financial resources at June 30, This statement presents: The fiscal resources of the District identified as assets; the use of net position that applies to future periods identified as deferred outflows of resources; the claims against those resources identified as liabilities; the acquisition of net position that applies to future periods identified as deferred inflows of resources; and the residual net resources available for future operations identified as net position. The Statement of Net Position is prepared using the accrual basis of accounting and an accounting methodology similar to that used by private sector companies. Assets and liabilities are classified by liquidity as either current or noncurrent. Net Position is classified in three basic categories: net investment in capital assets, restricted, or unrestricted. The Statement of Net Position presents information on all of the District s assets and deferred outflows of resources and liabilities and deferred inflows of resources. The difference between these financial statement elements is reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of the strength of the financial position of the District. Consideration of other nonfinancial factors may be relied upon to assess the overall health of the District. Condensed Statement of Net Position June 30, 2017 June 30, 2016 ASSETS Current Assets $ 58,964,938 $ 60,603,659 Noncurrent Assets-Long-term Investments 33,929,486 32,574,453 Capital Assets, Net of Accumulated Depreciation 131,208, ,150,163 TOTAL ASSETS 224,103, ,328,275 DEFERRED OUTFLOWS OF RESOURCES 58,560,104 16,676,586 LIABILITIES Current Liabilities 8,333,869 5,297,076 Noncurrent Liability-Employee Compensated Absences 1,563,994 1,512,584 Noncurrent Liability-Net Pension Liability 172,723,035 94,720,288 TOTAL LIABILITIES 182,620, ,529,948 DEFERRED INFLOWS OF RESOURCES 531,650 1,124,138 NET POSITION Net Investment in Capital Assets 127,360, ,359,507 Restricted for Expendable Purposes 2,308,393 2,437,768 Unrestricted (30,158,215) 5,553,500 TOTAL NET POSITION $ 99,510,618 $ 123,350,775 Aims College District Financial Statements & Independent Auditor s Report for FY
10 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Assets Current Assets Current assets decreased from $60.6 million to $59.0 million between June 30, 2016 and 2017, respectively. This $1.6 million decrease was primarily due to a $8.7 decrease in total cash and cash equivalents, offset by $6.7 million increase in short-term investments held by the District and $0.3 million increase in property tax receivable. All property taxes receivable at June 30, 2017 were received by the District by August 31, Other current assets include accounts receivable, inventories and prepaid expenses which remained relatively stable. Other Noncurrent Assets Long-term investments increased from $32.6 million at June 30, 2016 to $33.9 million at June 30, Long-term investments are investments held by the District with a maturity date extending beyond 12 months. The majority of these investments are held to finance future campus capital construction and repair projects. Additional information regarding the District s investments and investment policies is provided in Note 3 of the accompanying notes to the District s financial statements. Capital Assets The District s single largest financial resource is its campus facilities and capital assets. Capital assets consist of District property and improvements that have a unit cost of $5,000 or more and an initial useful life extending beyond one year. As of June 30, 2017, capital assets of $192.4 million, net of $61.2 million accumulated depreciation, totaled $131.2 million. This is a $15.1 million (13.0 percent) increase from fiscal year 2016, when capital assets of $171.1 million, net of $55.0 million accumulated depreciation, totaled $116.1 million. This increase in net capital assets is primarily attributable to capital acquisitions and ongoing capital construction projects. Eight building and land improvement projects, totaling $2.2 million, were completed during fiscal year The largest of these projects was the completed renovation of the Allied Health Science laboratory. Ten additional capital construction projects were in progress at June 30, As of the year-end, $17.2 million had been invested in the construction of the new Applied Technology and Trade Center building. This building was completed and put into service on August 17, Additional significant capital construction projects in process at year-end included the Welding and Hansen building renovation projects and the campus realignment master plan. Total fiscal year 2017 expenditures for capital construction projects for fiscal year 2017 was $20.6 million. Note 6 of this report summarizes the changes in capital assets between June 30, 2016 and June 30, Current accounts and retainage payable liabilities related to capital construction totaled $3.8 million and $0.8 million for June 30, 2017 and 2016, respectively. Aims College District Financial Statements & Independent Auditor s Report for FY
11 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Liabilities Current Liabilities The District s non-debt obligations and commitments arising from past events that are expected to result in a consumption of resources are current liabilities. Current liabilities include amounts owed to vendors, personnel commitments, and unearned revenue due to be paid or earned within one year. Accounts payable and accrued liabilities of $6.5 million are the District s most significant current liabilities. These liabilities increased $3.3 million in fiscal year 2017 primarily as the result of construction payable amounts obligated at June 30, 2017 for major capital construction projects in progress. Accounts payable liabilities at June 30, 2017 were $5.3 million and included amounts payable in July and August 2017 for capital construction and technology services. Accrued liabilities of $1.3 million were primarily for employee payroll and fringe benefits paid during July Unearned revenues of $0.6 million includes tuition and fees received by June 30, 2017 for services to be provided in fiscal year It also includes revenues received from grants, contracts, and the Aims Foundation that have not yet been earned. These amounts will be recognized as revenue in future periods after all conditions have been satisfied. Noncurrent Liabilities The District s noncurrent liabilities include the District s net pension liability required by GASB 68, and commitments to pay employee compensated absences for vacation and sick leave. GASB 68 requires the District to recognize the District s proportionate share of the collective net pension liability of the State of Colorado as a liability in the District s financial statements. Having employers record their share of the collective net pension liability provides transparency to financial statement users as to the entire net pension liability and pension expense of the costsharing plan for the State of Colorado. Details concerning the District s GASB 68 pension liability and expense are provided by Note 8 of these financial statements. The District s net pension liability required by GASB 68 increased from $94.7 million at June 30, 2016 to $172.7 million at June 30, This change was due to the changes in assumptions in the actuarial valuation used to calculate the net pension liability. The District has no legal obligation to fund this net pension liability; nor does it have any ability to affect funding, benefit, or annual required contribution decisions made by PERA. The District s noncurrent liability for employee compensated absences remained relatively stable between June 30, 2016 and June 30, Net Position Net position represents the resources available for future operations. The District s total net position equals assets plus deferred outflows of resources, reduced by liabilities and deferred inflows of resources. Total net position decreased from $123.4 million at June 30, 2016 to $99.5 million at June 30, The District s educational and auxiliary activities contributed $16.8 million in net position; however, the District s GASB 68 pension expense was ($40.6 million). These two items comprise the decrease of ($23.8 million) in total net position. Total net position exclusive of the negative net position for pension would be approximately $214.2 million. The District s largest class of net position is its capital assets, comprising $127.4 million of the District s net position. Net investment in capital assets increased by $12.0 million from June 30, 2016 to 2017, up from $115.4 million. Aims College District Financial Statements & Independent Auditor s Report for FY
12 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Revenues, Expenses, and Changes in Net Position The statement of revenues, expenses, and changes in net position present the financial activity of the District over the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods. A key component of this statement is the differentiation between operating and nonoperating activities. Condensed Statement of Revenues, Expenses, and Changes in Net Position For the year ended For the year ended June 30, 2017 June 30, 2016 Operating Revenues Net Tuition & Fees $ 9,680,782 $ 10,520,151 Grants & Contracts 4,684,138 5,938,551 Auxiliary 470, ,126 Other 307, ,053 Total Operating Revenues 15,143,212 17,517,881 Operating Expenses Educational & General 98,651,460 70,623,407 Auxiliary 509, ,770 Depreciation and Amortization 6,661,749 5,772,028 Total Operating Expenses 105,822,392 76,816,205 Operating Loss (90,679,180) (59,298,324) Nonoperating Revenues (Expenses) and Gains (Losses) General Property Taxes 51,389,215 66,103,420 State Appropriations 9,079,460 9,015,256 Federal Nonoperating Revenue 5,945,797 6,264,428 Investment Income 244,421 1,049,290 Loss on Disposal of Assets (1,080) (80,385) Other Nonoperating Revenues 89,110 77,054 Total Nonoperating Revenues 66,746,923 82,429,063 Income Before Other Revenues (23,932,257) 23,130,739 Capital contributions 92,100 - Increase (Decrease) in Net Position (23,840,157) 23,130,739 Net Position, Beginning of Year 123,350, ,220,036 Net Position, End of Year $ 99,510,618 $ 123,350,775 Aims College District Financial Statements & Independent Auditor s Report for FY
13 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Revenues, Expenses, and Changes in Net Position (continued) Revenues Operating revenues are earned by providing goods and services to the various customers of the District. Operating expenses are paid to acquire or produce goods and services necessary to carry out the mission of the District. They are directly related to generating operating revenues. Nonoperating revenues include investment income, state appropriations, property tax revenues, Pell grant revenue, capital grants and gifts, and gains or losses on the disposal of assets. These revenues are not earned from the sale of goods and services and are considered nonoperating. Nonoperating expenses include losses on disposal of assets. Net revenue from all sources, net of scholarship allowances, totaled $82.0 million during fiscal year 2017, which was a $18.0 million decrease from $100.0 million in total revenue during fiscal year Of the $82.0 million in net revenue earned in fiscal year 2017, $15.2 million was generated from operating revenues, and $66.7 million was earned in nonoperating revenues. The following chart shows the percentage breakout of total revenue by funding source for fiscal year Aims College District Financial Statements & Independent Auditor s Report for FY
14 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Revenues, Expenses, and Changes in Net Position (continued) Revenues (continued) Operating Revenues Operating revenues are derived from tuition and fees, auxiliary activity, grants and contracts, and other operating revenues. Total operating revenues decreased by $2.3 million, or 13.0 percent, between fiscal years 2016 to The decrease was due to a $0.8 million decrease in net tuition revenues earned, a $1.2 million decrease in restricted grants and gifts, and a $0.3 million decrease in all other operating revenues. Tuition and fees revenues, net of scholarship allowances, totaled $9.7 million, and were 11.8 percent of total revenues. Fiscal year 2016 net tuition and fee revenues were $10.5 million and were 10.5 percent of total revenues. Reporting standards require tuition and fees to be shown net of scholarship allowances, which were $2.6 million for both fiscal years 2017 and Scholarship allowances are those portions of tuition and fees that are paid by other revenues, primarily federal and state grants for financial aid and general institutional scholarships (see Note 1). Grant and contract revenues decreased by $1.2 million in fiscal year This decline is attributable to declines in student financial aid and grants in the amount of $0.4 million from federal sponsors and $0.8 million from state sponsors. For the academic year, the District retained the same tuition rates in effect since Nonoperating Revenues The District s nonoperating revenues are comprised of general property taxes, state appropriations, federal nonoperating revenue (Pell grant), investment income, and other nonoperating revenues. Total nonoperating revenues were $66.7 million and $82.5 million in fiscal years 2017 and 2016, respectively. This decrease was primarily due to a $14.7 million decrease in general property tax revenues. Property taxes represent the District s largest single largest source of revenue, generating 62.7 percent of total revenues to the District. General property tax revenues totaled $51.4 million and $66.1 million in fiscal years 2017 and 2016, respectively. Property tax revenues went down due to a decreased assessment of property taxes related to oil and gas revenues by Weld County, and reduced mill levies upon local properties. Nonoperating Colorado state appropriation revenues remained steady in fiscal year Revenues were $9.1 million, or 11.1 percent of total revenues, compared to $9.0 million, or 9.0 percent of total revenues during fiscal years 2017 and 2016, respectively. Aims College District Financial Statements & Independent Auditor s Report for FY
15 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Revenues, Expenses, and Changes in Net Position (continued) Federal Pell grant revenue is considered a federal entitlement program rather than a restricted grant program. Therefore, Pell grant revenue is recognized as nonoperating revenue. Federal Pell grant revenue was $6.0 million and $6.3 million in fiscal years 2017 and 2016, respectively. This decrease is the result of a higher number of students qualifying for tuition assistance programs other than Federal Pell grant entitlements. These additional programs include the various high school concurrent enrollment programs and other student aid programs. Expenses Operating Expenses Total operating expenses were $105.8 million and $76.8 million for fiscal years 2017 and 2016, respectively, an increase of $29.0 million, or 37.8 percent. This increase was the result of increases in GASB 68 pension expenses, which were $40.6 million and $12.7 million in 2017 and 2016, respectively, an increase of $27.9 million. The remaining $1.1 million increase in operating expenses was the net result of increases in personnel, operating and depreciation expenses, less decreases to student aid expense. Personnel costs are the District s largest expense, and increased from $46.9 million in fiscal year 2016 to $75.2 million in fiscal year 2017, a change of $28.3 million. While personal expenses for salary and fringe benefits increased by only $0.5 million, the non-cash GASB 68 pension expense increased by $27.9 million. The remaining operating expenses of $30.6 million, including supplies, operating, student aid, and depreciation remained steady, increasing a net amount of $0.6 million in fiscal year Management s Analysis of Functional Classifications Operating expenses are reported by functional classification, which identifies the costs of programs and services provided by the District. The classifications tell why an expense was incurred, rather than what was purchased. Functional classifications are defined by the National Association of College and University Business Officers (NACUBO) and are utilized by public colleges and universities in the United States to allow for comparability between higher education institutions. Each functional area in the following tables was increased by a portion of the non-cash benefits expense for GASB 68 based on its proportion of PERA payroll (see Note 8 Defined Pension Plan contains further information on the calculations used in the estimates of this expense and liability). The following two tables represent what the functional classifications look like for fiscal years 2017 and 2016 prior to the application of the pension expense, and after the pension expense is added. The GASB 68 pension benefit expense was $40.6 million in fiscal year 2017, and $12.7 million in fiscal year Aims College District Financial Statements & Independent Auditor s Report for FY
16 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Revenues, Expenses, and Changes in Net Position (continued) Management s Analysis of Functional Classifications (continued) Functional Classifications Operating Expenses by Function With Pension Expense Separately Identified Fiscal Year Ended June 30, 2017 Expenses Before Pension Expense Pension Expense Total Expenses Instruction $ 23,218,981 $ 20,178,411 $ 43,397,392 Public Service 17,111 4,187 21,298 Academic Support 7,550,009 6,399,943 13,949,952 Student Services 5,800,602 5,008,801 10,809,403 Institutional Support 9,224,901 6,853,520 16,078,421 Operation of Plant 5,268,343 1,986,307 7,254,650 Student Aid 7,140,344-7,140,344 Auxiliary 299, ,381 Depreciation and Amortization 6,661, ,802 6,871,551 Total Operating Expenses 65,181,421 40,640, ,822,392 Fiscal Year Ended June 30, 2016 Expenses Before Pension Expense Pension Expense Total Expenses Instruction 24,914,014 6,292,604 31,206,618 Public Service 10,536-10,536 Academic Support 6,841,331 1,867,737 8,709,068 Student Services 5,297,658 1,332,479 6,630,137 Institutional Support 7,540,947 2,557,519 10,098,466 Operation of Plant 5,403, ,974 5,998,221 Student Aid 7,970,361-7,970,361 Auxiliary 343, ,239 Depreciation and Amortization 5,772,028 77,531 5,849,559 Total Operating Expenses 64,093,361 12,722,844 76,816,205 Variance Fiscal Year 2017 and 2016 $ 1,088,060 $ 27,918,127 $ 29,006,187 Aims College District Financial Statements & Independent Auditor s Report for FY
17 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Revenues, Expenses, and Changes in Net Position (continued) Management s Analysis of Functional Classifications (continued) Instruction expenses increased in 2017 by $12.2 million (39.1 percent) and were $43.4 million and $31.2 million for fiscal years 2017 and 2016, respectively. This increase is the result of the $13.9 million increase in GASB 68 pension expense, less decreases in instructional personal services ($0.2 million), supplies ($0.4 million) and other instructional operating expenses ($1.1 million). Academic support expenses increased by $5.2 million (60.2 percent). These expenses were $13.9 million and $8.7 million for fiscal years 2017 and 2016, respectively. This increase is attributable to the recognition of an additional $4.5 million of GASB 68 pension expense, plus increases for personal services ($0.4 million), and other academic support operating expenses ($0.3 million). Student services expenses increased $4.2 million (63.0 percent) during fiscal year This increase is the result of an increase of $3.7 million in GASB 68 pension expense, and an increase in salary and benefit expense of $0.5 million. Institutional support expenses increased $6.0 million (59.2 percent) during fiscal year This increase included $1.9 million for institutional support general operating expenses and $4.3 million for GASB 68 pension expense. Institutional support personnel expenses decreased $0.2 million. Personnel expenses were $5.8 million and $6.0 million in fiscal years 2017 and 2016, respectively. Operation of plant expenses increased $1.3 million (20.9 percent) primarily as a result of the increase to its allocated GASB 68 pension expense of $1.4 million. Other operation of plant expenses remained relatively stable, decreasing $0.1 million. Operation of plant expenses totaled $7.3 million and $6.0 million in fiscal years 2017 and 2016, respectively. Student aid expenses decreased $0.8 million (-10.4 percent). This decrease is the result of a greater percentage of students enrolling in concurrent high school and college programs, and do not have a need for student assistance. Student aid expenses are not affected by GASB 68 pension costs. Auxiliary expenses increased only $0.1 million (21.0 percent). This increase equals the net of its $0.1 million increase in allocated GASB 68 pension expense less a minor decrease to operating expenses. Depreciation and amortization expenses increased 15.4 percent, and were $6.7 million and $5.8 million in fiscal years 2017 and 2016, respectively. During fiscal year 2016, $34.6 million of capital projects were completed and placed into service. These capital assets were depreciated during 2016 using the half-year accounting convention (6 months). For fiscal year 2017, these assets were depreciated for a full year, resulting in increased depreciation expense. Aims College District Financial Statements & Independent Auditor s Report for FY
18 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Revenues, Expenses, and Changes in Net Position (continued) Management s Analysis of Natural Classifications The District also summarized its expenses by their natural classification, which represents expenses by type, regardless of the program or service. The table below illustrates expenses by natural classifications. Primary expenditure increases and decreases were the result of salary and benefit increases, depreciation, and student aid changes as explained above. Natural Classifications Operating Expenses by Natural Classification Year Ended June 30, 2017 June 30, 2016 Variance Employee & Personnel Services $ 34,597,263 $ 34,128,192 $ 469,071 Employee Pension Expense 40,640,971 12,722,844 27,918,127 Subtotal Personnel Services 75,238,234 46,851,036 28,387,198 Supplies 3,210,567 3,523,671 (313,104) Operating 13,571,498 12,713, ,023 Student Aid 7,140,344 7,955,995 (815,651) Depreciation 6,661,749 5,772, ,721 Total Operating Expenses $ 105,822,392 $ 76,816,205 $ 29,006,187 Expenses Fiscal Years 2017 and 2016 $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $- Employee & Personnel Services Employee Pension Expense Supplies Operating Student Aid Depreciation Aims College District Financial Statements & Independent Auditor s Report for FY
19 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Cash Flows The statement of cash flows provides information about cash receipts and cash payments during the past fiscal year. The primary cash received from operating activities includes tuition and fees, grant and gift revenues, and auxiliary revenue. Cash outlays for operations include payments for salaries, wages, benefits, supplies, and services. Just as the general property taxes and state appropriations are not reported as operating revenue, cash flows from both are not considered as operating sources, but as noncapital financing. Significant changes in this statement are noted below: Operating activities of the District required $48.3 million and $45.6 million of cash in fiscal years 2017 and 2016, respectively. This $2.7 million increase in cash used is primarily due to decreased cash payments received of $2.3 million, and increased payments to and for employee compensation. Cash paid to and for employees was $39.7 million and $38.5 million for fiscal years 2017 and 2016, respectively. Cash flows provided by non-capital financing activities decreased 18.1 percent ($14.6 million), and were $66.1 million and $80.7 million in fiscal years 2017 and 2016, respectively. This decrease is primarily the result of the District recognizing decreased general property tax revenues related to decreased oil and gas property tax payments, in addition to a lowered tax levy on properties. Property taxes received during fiscal year 2017 were the result of property taxes assessed in calendar year Oil and gas production in Weld County recently decreased due to falling oil commodity prices. The District expects that General Property Tax revenues received will continue to decline in Cash used for capital and related financing activities decreased 34.8 percent, and were $18.6 million and $28.5 million in fiscal years 2017 and 2016, respectively. This is the result of the District s completion of major capital construction projects and reduced capital construction in fiscal year In fiscal year 2017, cash used for investing activities was $7.9 million. The District purchased $21.0 million in new investments, sold $12.7 million of investments, and received $0.4 million in realized investment earnings. Overall, the District s cash position decreased 18.4 percent. Cash and cash equivalents were $38.7 million and $47.4 million at June 30, 2017 and 2016, respectively. This decrease is primarily due to the decrease in property tax revenue as discussed above. Aims College District Financial Statements & Independent Auditor s Report for FY
20 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Statement of Cash Flows (continued) Condensed Statement of Cash Flows For the year ended For the year ended June 30, 2017 June 30, 2016 Cash Flows from Operating Activities: Tuition and fees $ 9,025,606 $ 10,131,753 Grants and gifts 4,985,286 5,830,377 Other cash receipts 835,588 1,160,339 Payments to or for employees (39,741,020) (38,504,441) Payments to suppliers (16,330,241) (16,321,493) Scholarships disbursed (7,098,860) (7,909,395) Net cash used in operating activities (48,323,641) (45,612,860) Cash Flows from NonOperating, Capital and Investing Activities: State appropriations, noncapital 9,015,258 8,859,821 Federal revenues, noncapital 5,945,797 6,264,428 General property taxes, noncapital 51,067,556 65,761,432 Other noncapital financing activities 66,854 (136,378) Acquisition or construction of capital assets (net) (18,571,660) (28,499,998) Purchases of investments (21,038,670) (22,391,704) Proceeds from sales of investments 12,687,347 23,951,548 Investment earnings 441, ,857 Net cash provided by NonOperating, Capital and Investing Activities 39,613,564 54,655,006 Increase (Decrease) in Cash and Cash Equivalents (8,710,077) 9,042,146 Cash and Cash Equivalents, Beginning Year 47,401,300 38,359,154 Cash and Cash Equivalents, End of year $ 38,691,223 $ 47,401,300 Economic Outlook Factors affecting the future of the District include the risk of changing student enrollment, and the possibility of decreased funding from District property taxes and state appropriations. Each of these factors is sensitive to the condition of the local and statewide economies. Other factors include the ability of the District to meet the educational needs of the community, including underprepared students, and attracting and retaining qualified faculty and staff. To manage student enrollment, the District has developed several programs to improve student success and retention. The Applied Technology and Trade Center building was completed and put into service on August 17, 2017, and should encourage growth in student enrollment. The state s economic situation is a concern to the District and the higher education community as a whole. On a positive note, the state is experiencing positive economic conditions and low unemployment rates. State funding is expected to continue to be stable throughout fiscal year This should be helpful for students who are working to learn the skills they need to meet the growing employment demands of Colorado. The growth and the assessed valuation of property within the taxing district play a critical role. Six counties contribute to the assessed value of the taxing district, with the largest contribution coming from Weld County. For fiscal year 2017, property tax revenue was derived primarily from oil and gas production in Weld County. The unstable funding swings in oil and gas property tax revenues require careful monitoring by the District when planning for the future. Aims College District Financial Statements & Independent Auditor s Report for FY
21 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) Additionally, the District analyzes tuition rates annually and adjusts tuition based on funding mix and projected costs. The District s tuition rates are less than all 13 of the Colorado State System community colleges and are competitive with Colorado Mountain College, a similarly funded Colorado community college. The District will continue to explore revenue growth and cost containment solutions that will support its educational mission and strengthen its presence in the community. Requests for Information This financial report is designed to provide a general overview of the Aims College District s finances. If you have questions regarding any of the information provided in this report, or if you have a request for additional financial information regarding the District, please contact the Vice President for Administrative Services, Aims College District, P.O. Box 69, 5401 W. 20 th Street, Greeley, Colorado, Requests for copies of the 2017 financial statements for Aims Community College Foundation should be also addressed to the Vice President for Administrative Services at the address provided above. Aims College District Financial Statements & Independent Auditor s Report for FY
MONROE COMMUNITY COLLEGE (A Component Unit of the County of Monroe, New York)
MONROE COMMUNITY COLLEGE (A Component Unit of the County of Monroe, New York) Financial Statements As of August 31, 2016 and 2015 Together with Independent Auditor s Report MONROE COMMUNITY COLLEGE (A
More informationMONROE COMMUNITY COLLEGE (A Component Unit of the County of Monroe, New York)
MONROE COMMUNITY COLLEGE (A Component Unit of the County of Monroe, New York) Financial Statements As of August 31, 2017 and 2016 Together with Independent Auditor s Report MONROE COMMUNITY COLLEGE (A
More informationOklahoma Panhandle State University
Oklahoma Panhandle State University Financial Statements with Independent Auditors Reports June 30, 2017 and 2016 Contents Independent Auditor s Report 1 2 Management s Discussion and Analysis (Unaudited)
More informationOklahoma Panhandle State University
Oklahoma Panhandle State University An Organizational Unit of the Board of Regents For the Oklahoma Agricultural and Mechanical Colleges Financial Statements with Independent Auditors Reports June 30,
More informationSAN FRANCISCO STATE UNIVERSITY. Financial Statements. June 30, (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Management s Discussion and Analysis (Unaudited) 3 14 Financial Statements: Statement
More informationEssex County College (A Component Unit of the County of Essex)
Basic Financial Statements, Management s Discussion and Analysis and Schedules of Expenditures of Federal and State Awards (With Independent Auditors Reports Thereon) Report on Financial Statements and
More informationKent State University (a component unit of the State of Ohio)
Kent State University (a component unit of the State of Ohio) Financial Report Including Supplementary Information June 30, 2018 Table of Contents June 30, 2018 and 2017 Page(s) Independent Auditor s Report...
More informationBALTIMORE CITY COMMUNITY COLLEGE. Financial Statements Together with Report of Independent Public Accountants
Financial Statements Together with Report of Independent Public Accountants For the JUNE 30, 2013 AND 2012 CONTENTS REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 FINANCIAL
More informationESSEX COUNTY COLLEGE (A Component Unit of the County of Essex) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED JUNE 30, 2018 AND 2017
(A Component Unit of the County of Essex) FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED JUNE 30, 2018 AND 2017 CliftonLarsonAllen LLP TABLE OF CONTENTS YEARS ENDED JUNE 30, 2018 AND 2017
More informationBergen Community College (A Component Unit of the County of Bergen)
Basic Financial Statements, Management s Discussion and Analysis and Schedules of Expenditures of Federal and State Awards (With Independent Auditors Reports Thereon) Report on Financial Statements and
More informationJOHNSON COUNTY COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2018
JOHNSON COUNTY COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2018 Contents Independent Auditor s Report 1 2 Management s Discussion and Analysis 3 13 Financial Statements Statements of net position 14
More informationUNIVERSITY OF SOUTH ALABAMA (A Component Unit of the State of Alabama)
Basic Financial Statements and Single Audit Reporting in Accordance with the Uniform Guidance Table of Contents Management s Discussion and Analysis (Unaudited) 1 Independent Auditors Report 15 Basic Financial
More informationBergen Community College (A Component Unit of the County of Bergen)
Basic Financial Statements, Management s Discussion and Analysis and Schedules of Expenditures of Federal and State Awards (With Independent Auditors Reports Thereon) Report on Financial Statements and
More informationSAN BERNARDINO COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2017
SAN BERNARDINO COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management Discussion and Analysis 5 Basic Financial Statements - Primary
More informationGENESEE COMMUNITY COLLEGE SINGLE AUDIT REPORTS AUGUST 31, 2016
GENESEE COMMUNITY COLLEGE SINGLE AUDIT REPORTS AUGUST 31, 2016 GENESEE COMMUNITY COLLEGE (A Component Unit of the County of Genesee, New York) Table of Contents August 31, 2016 Independent Auditors Report
More informationColorado Mountain Junior College District
Independent Auditor s Reports and Financial Statements Year Ended June 30, 2015 June 30, 2015 Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis (Unaudited)... 5
More informationMIDDLESEX COMMUNITY COLLEGE. Financial Statements. June 30, 2015 and (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Page(s) Management s Discussion and Analysis (Unaudited) 1 9 Independent Auditors Report 10 11 Statements
More informationMIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2016
MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial Statements - Primary
More informationAudited Financial Statements Stanly Community College Albemarle, North Carolina As of and for the Year Ended June 30, 2014
Audited Financial Statements Stanly Community College Albemarle, North Carolina As of and for the Year Ended June 30, 2014 TABLE OF CONTENTS Pages Independent Auditors' Report 1-2 Management's Discussion
More informationHARFORD COMMUNITY COLLEGE COMPONENT UNIT FINANCIAL STATEMENTS AND SINGLE AUDIT COMPLIANCE REPORTS YEAR ENDED JUNE 30, 2017
COMPONENT UNIT FINANCIAL STATEMENTS AND SINGLE AUDIT COMPLIANCE REPORTS TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED) 4 FINANCIAL STATEMENTS STATEMENT OF
More information2015 Annual Financial Report
2015 Annual Financial Report TABLE OF CONTENTS Message from President Norton...1 Management s Responsibility for Financial Reporting...2 Independent Auditors Report...3 Management Discussion and Analysis...6
More informationSOUTHEAST MISSOURI STATE UNIVERSITY FINANCIAL STATEMENTS JUNE 30, 2018
SOUTHEAST MISSOURI STATE UNIVERSITY FINANCIAL STATEMENTS JUNE 30, 2018 Contents Page Independent Auditors Report... 1-3 Management s Discussion And Analysis... 4-11 Financial Statements Statement Of Net
More informationCARROLL COMMUNITY COLLEGE FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2017 AND 2016
FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 FINANCIAL STATEMENTS STATEMENTS OF NET POSITION (DEFICIT) 13 STATEMENTS
More informationDURHAM TECHNICAL COMMUNITY COLLEGE
STATE OF NORTH f CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA DURHAM TECHNICAL COMMUNITY COLLEGE DURHAM, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2017 A COMPONENT
More informationFinancial Statements June 30, 2017 Rogers State University
Financial Statements Rogers State University www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statement of Net Position...
More informationBergen Community College (A Component Unit of the County of Bergen)
Basic Financial Statements, Management s Discussion and Analysis and Schedules of Expenditures of Federal and State Awards June 30, 2014 and 2013 (With Independent Auditors Reports Thereon) Report on Financial
More informationDURHAM TECHNICAL COMMUNITY COLLEGE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA DURHAM TECHNICAL COMMUNITY COLLEGE DURHAM, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2015 A COMPONENT
More informationUniversity of NORTH ALABAMA FINANCIAL REPORT 2017
University of NORTH ALABAMA FINANCIAL REPORT 2017 Table of Contents September 30, 2016 PART I FINANCIAL STATEMENTS Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Statement
More informationKent State University (a component unit of the State of Ohio)
Kent State University (a component unit of the State of Ohio) Financial Report Including Supplementary Information June 30, 2016 Table of Contents June 30, 2016 and 2015 Page(s) Management s Discussion
More informationThe Metropolitan Community College
Independent Auditor s Report and Financial Statements Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statements of Net Position... 20 Statements
More informationMontgomery County Community College (A Component Unit of the County of Montgomery, Pennsylvania)
Montgomery County Community College (A Component Unit of the County of Montgomery, Pennsylvania) Financial Statements, Required Supplementary Information, and Supplementary Information Years Ended June
More informationMOREHEAD STATE UNIVERSITY. Single Audit Reports Under Uniform Guidance
Single Audit Reports Under Uniform Guidance As of and for the Years Ended June 30, 2017 and 2016 with Report of Independent Auditors M CONTENTS Management s Discussion and Analysis... 1 Report of Independent
More informationCleveland State University (a component unit of the State of Ohio) Financial Report with Supplemental Information June 30, 2018
Cleveland State University (a component unit of the State of Ohio) Financial Report with Supplemental Information June 30, 2018 Contents Independent Auditor s Report 1-3 Management s Discussion and Analysis
More informationFinancial Statements and Report of Independent Certified Public Accountants
Financial Statements and Report of Independent Certified Public Accountants Community College of Philadelphia Contents Page Report of Independent Certified Public Accountants 3 Management s discussion
More informationUNIVERSITY OF SOUTH ALABAMA (A Component Unit of the State of Alabama)
Basic Financial Statements and Supplementary Information on Federal Awards Programs Table of Contents Management s Discussion and Analysis (Unaudited) 1 Independent Auditors Report 13 Basic Financial Statements:
More informationBasic Financial Statements, Management s Discussion and Analysis and Supplementary Information. June 30, 2012 and 2011
Basic Financial Statements, Management s Discussion and Analysis and Supplementary Information (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Management s Discussion
More informationWINSTON-SALEM STATE UNIVERSITY
STATE OF NORTH f CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA WINSTON-SALEM STATE UNIVERSITY WINSTON-SALEM, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2018 A
More informationNORTHWESTERN OKLAHOMA STATE UNIVERSITY
NORTHWESTERN OKLAHOMA STATE UNIVERSITY A DEPARTMENT OF THE REGIONAL UNIVERSITY SYSTEM OF OKLAHOMA ANNUAL FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT AS OF AND FOR THE YEAR ENDED JUNE 30, 2015
More informationSOUTH PIEDMONT COMMUNITY COLLEGE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA SOUTH PIEDMONT COMMUNITY COLLEGE POLKTON, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2017 A COMPONENT
More informationHARFORD COMMUNITY COLLEGE COMPONENT UNIT FINANCIAL STATEMENTS AND SINGLE AUDIT COMPLIANCE REPORTS YEAR ENDED JUNE 30, 2013
COMPONENT UNIT FINANCIAL STATEMENTS AND SINGLE AUDIT COMPLIANCE REPORTS YEAR ENDED TABLE OF CONTENTS YEAR ENDED INDEPENDENT AUDITORS REPORT 1 MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED) 4 FINANCIAL
More informationThe following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a
The following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a private CPA firm. The document was placed on this web
More informationLehigh Carbon Community College
Lehigh Carbon Community College Financial Statements Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis 3 Financial Statements Statement of Net Position - Primary Institution
More informationJOHNSON COUNTY COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2017
JOHNSON COUNTY COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2017 Contents Independent Auditor s Report 1 2 Management s Discussion and Analysis 3 13 Financial Statements Statements of net position 14
More informationFinancial Statements June 30, 2016 Rogers State University
Financial Statements Rogers State University www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 4 Financial Statements Statement of Net Position...
More informationKalamazoo Valley Community College. Financial Report with Supplemental Information June 30, 2013
Financial Report with Supplemental Information June 30, 2013 Contents Report Letter 1-3 Management s Discussion and Analysis 4-15 Basic Financial Statements Statement of Net Position 16 Statement of Revenue,
More informationAudited Financial Statements and Other Financial Information. June 30, 2017
Audited Financial Statements and Other Financial Information Audited Financial Statements and Other Financial Information Audited Financial Statements Management s Discussion and Analysis... 1-13 Report
More informationCleveland State University (a component unit of the State of Ohio) Financial Report Including Supplemental Information June 30, 2015
Cleveland State University (a component unit of the State of Ohio) Financial Report Including Supplemental Information June 30, 2015 Contents Report of Independent Auditors 1-3 Management s Discussion
More informationBUNKER HILL COMMUNITY COLLEGE (an agency of the Commonwealth of Massachusetts) FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS
FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS JUNE 30, 2016 Financial Statements and Management s Discussion and Analysis C O N T E N T S Independent Auditors Report 1-2 Management s Discussion
More informationCARROLL COMMUNITY COLLEGE FINANCIAL STATEMENTS JUNE 30, 2016 AND 2015
FINANCIAL STATEMENTS TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 FINANCIAL STATEMENTS STATEMENTS OF NET POSITION (DEFICIT) 12 STATEMENTS OF REVENUES,
More informationSTATE OF ILLINOIS ILLINOIS STATE UNIVERSITY. FINANCIAL AUDIT (In Accordance with the Single Audit Act and OMB Circular A-133)
STATE OF ILLINOIS ILLINOIS STATE UNIVERSITY FINANCIAL AUDIT (In Accordance with the Single Audit Act and OMB Circular A-133) For The Years Ended June 30, 2009 and 2008 Performed as Special Assistant Auditors
More informationBUNKER HILL COMMUNITY COLLEGE (an agency of the Commonwealth of Massachusetts) FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS
FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS JUNE 30, 2017 Financial Statements and Management s Discussion and Analysis C O N T E N T S Independent Auditors Report 1-3 Management s Discussion
More informationFairmont State University
Fairmont State University Financial Statements Years Ended June 30, 2017 and 2016 and Independent Auditor s Reports TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS
More informationSOUTHWESTERN COMMUNITY COLLEGE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA SOUTHWESTERN COMMUNITY COLLEGE SYLVA, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2017 A COMPONENT
More informationReport of Independent Auditors in accordance with the Uniform Guidance and Financial Statements for
Report of Independent Auditors in accordance with the Uniform Guidance and Financial Statements for June 30, 2016 and 2015 LEWIS-CLARK STATE COLLEGE TABLE OF CONTENTS Page REPORT OF INDEPENDENT AUDITORS
More informationMcLennan County Junior College District Annual Financial Report August 31, 2013 and 2012
McLennan County Junior College District Annual Financial Report August 31, 2013 and 2012 Introductory Section McLennan County Junior College District Table of Contents Exhibit / Schedule Page Introductory
More informationFinancial Statements and Supplemental Data Together with Report of Independent Public Accountants
Financial Statements and Supplemental Data Together with Report of Independent Public Accountants For the Years Ended June 30, 2016 and 2015 This page intentionally left blank. UNIVERSITY SYSTEM OF MARYLAND
More informationKENTUCKY STATE UNIVERSITY (A Component Unit of the Commonwealth of Kentucky) FINANCIAL STATEMENTS June 30, 2018
(A Component Unit of the Commonwealth of Kentucky) FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT'S DISCUSSION AND ANALYSIS... 3 FINANCIAL STATEMENTS KENTUCKY
More informationCleveland State University (a component unit of the State of Ohio) Financial Report Including Supplemental Information June 30, 2017
Cleveland State University (a component unit of the State of Ohio) Financial Report Including Supplemental Information June 30, 2017 Contents Report of Independent Auditors 1-3 Management s Discussion
More informationJacksonville State University Financial Statements September 30, 2017 and 2016
Financial Statements September 30, 2017 and 2016 Table of Contents September 30, 2017 and 2016 PART I FINANCIAL STATEMENTS PAGE Independent Auditor s Report... 1 Management s Discussion and Analysis...
More informationBLUEFIELD STATE COLLEGE FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2018 AND 2017
FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2018 AND 2017 TABLE OF CONTENTS YEARS ENDED JUNE 30, 2018 INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (RSI) (UNAUDITED) 3 FINANCIAL STATEMENTS
More informationWILSON COMMUNITY COLLEGE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA WILSON COMMUNITY COLLEGE WILSON, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2017 A COMPONENT UNIT
More informationMIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2018
MIRACOSTA COMMUNITY COLLEGE DISTRICT ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FINANCIAL SECTION Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial Statements - Primary
More informationCLARION UNIVERSITY OF PENNSYLVANIA OF THE STATE SYSTEM OF HIGHER EDUCATION FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS BALANCE SHEETS PRIMARY INSTITUTION 3 STATEMENTS OF REVENUES,
More informationWESTERN KENTUCKY UNIVERSITY. REPORT ON AUDIT OF INSTITUTION OF HIGHER EDUCATION IN ACCORDANCE WITH OMB CIRCULAR A-133 June 30, 2010 and 2009
REPORT ON AUDIT OF INSTITUTION OF HIGHER EDUCATION IN ACCORDANCE WITH OMB CIRCULAR A-133 REPORT ON AUDIT OF INSTITUTION OF HIGHER EDUCATION IN ACCORDANCE WITH OMB CIRCULAR A-133 CONTENTS REPORT OF INDEPENDENT
More informationSTATE OF MISSISSIPPI INSTITUTIONS OF HIGHER LEARNING. Financial Statements. June 30, 2017 and (With Independent Auditors Reports Thereon)
Financial Statements (With Independent Auditors Reports Thereon) (THIS PAGE LEFT BLANK INTENTIONALLY) Table of Contents Independent Auditors Report 1 Management s Discussion and Analysis (Unaudited) 4
More informationAS OF AND FOR THE YEAR ENDED JUNE 30, 2016
TM FINANCIAL STATEMENTS AND SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS WITH REPORTS OF INDEPENDENT AUDITORS AS OF AND FOR THE YEAR ENDED TABLE OF CONTENTS YEAR ENDED INDEPENDENT AUDITORS REPORT 3 MANAGEMENT
More informationWESTERN KENTUCKY UNIVERSITY Bowling Green, Kentucky
Bowling Green, Kentucky REPORT ON AUDIT OF INSTITUTION OF HIGHER EDUCATION IN ACCORDANCE WITH UNIFORM GUIDANCE June 30, 2018 Bowling Green, Kentucky REPORT ON AUDIT OF INSTITUTION OF HIGHER EDUCATION IN
More informationHARFORD COMMUNITY COLLEGE COMPONENT UNIT FINANCIAL STATEMENTS AND SINGLE AUDIT COMPLIANCE REPORTS YEAR ENDED JUNE 30, 2014
COMPONENT UNIT FINANCIAL STATEMENTS AND SINGLE AUDIT COMPLIANCE REPORTS YEAR ENDED TABLE OF CONTENTS YEAR ENDED INDEPENDENT AUDITORS REPORT 1 MANAGEMENT DISCUSSION AND ANALYSIS (UNAUDITED) 4 FINANCIAL
More informationLETTER FROM THE EXECUTIVE VICE CHANCELLOR, CHIEF FINANCIAL OFFICER
LETTER FROM THE EXECUTIVE VICE CHANCELLOR, CHIEF FINANCIAL OFFICER The California State University is a remarkable institution that is comprised of 23 campuses offering an outstanding education to 438,157
More informationFinancial Statements. C.S. Mott Community College Flint, Michigan. June 30, 2017 and 2016
Financial Statements C.S. Mott Community College Flint, Michigan June 30, 2017 and 2016 Table of Contents Page Independent Auditors Report on Financial Statements 1-2 Management s Discussion and Analysis
More informationWESTERN KENTUCKY UNIVERSITY Bowling Green, Kentucky
Bowling Green, Kentucky REPORT ON AUDIT OF INSTITUTION OF HIGHER EDUCATION IN ACCORDANCE WITH UNIFORM GUIDANCE June 30, 2016 Bowling Green, Kentucky REPORT ON AUDIT OF INSTITUTION OF HIGHER EDUCATION IN
More informationST. CHARLES COMMUNITY COLLEGE FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2018 AND 2017
ST. CHARLES COMMUNITY COLLEGE FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2018 AND 2017 ST. CHARLES COMMUNITY COLLEGE CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS
More informationCOMMUNITY COLLEGE DISTRICT OF ST. LOUIS ST. LOUIS COUNTY, MISSOURI St. Louis, Missouri FINANCIAL STATEMENTS. June 30, 2017 and 2016
ST. LOUIS COUNTY, MISSOURI St. Louis, Missouri FINANCIAL STATEMENTS TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT... 4 MANAGEMENT S DISCUSSION AND ANALYSIS... 8 FINANCIAL STATEMENTS Statements of Net
More informationWILKES COMMUNITY COLLEGE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA WILKES COMMUNITY COLLEGE WILKESBORO, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2018 A COMPONENT UNIT
More informationUNIVERSITY OF ALASKA
UNIVERSITY OF ALASKA (A Component Unit of the State of Alaska) Financial Statements (With Independent Auditors Report Thereon) University of Alaska (A Component Unit of the State of Alaska) Financial Statements
More informationShasta Tehama Trinity Joint Community College District Redding, California
Shasta Tehama Trinity Joint Community College District Redding, California FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION WITH INDEPENDENT AUDITORS REPORTS June 30, 2016 TABLE OF CONTENTS June 30,
More informationWORCESTER STATE UNIVERSITY (AN AGENCY OF THE COMMONWEALTH OF MASSACHUSETTS) FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS WITH
(AN AGENCY OF THE COMMONWEALTH OF MASSACHUSETTS) FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS WITH SUPPLEMENTARY INFORMATION AND OTHER REPORTS YEARS ENDED JUNE 30, 2017 AND 2016 AND INDEPENDENT
More informationSAN JOSE STATE UNIVERSITY. Financial Statements. June 30, (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis 3 Financial Statements: Statement of Net Assets
More information2013 Annual Financial Report
2013 Annual Financial Report TABLE OF CONTENTS Message from President Norton... 1 Management s Responsibility for Financial Reporting... 2 Independent Auditors Report... 3 Management Discussion and Analysis...
More informationNORTH CAROLINA SCHOOL OF SCIENCE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA NORTH CAROLINA SCHOOL OF SCIENCE AND MATHEMATICS DURHAM, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30,
More informationJUNIOR COLLEGE DISTRICT OF EAST CENTRAL MISSOURI UNION, MISSOURI FINANCIAL STATEMENTS. Years Ended June 30, 2017 and 2016
JUNIOR COLLEGE DISTRICT OF EAST CENTRAL MISSOURI UNION, MISSOURI FINANCIAL STATEMENTS Years Ended June 30, 2017 and 2016 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT... 4 MANAGEMENT S DISCUSSION AND ANALYSIS...
More informationFinancial Statements and Supplemental Information and Data Together with Report of Independent Public Accountants
Financial Statements and Supplemental Information and Data Together with Report of Independent Public Accountants For the Years Ended June 30, 2017 and 2016 This page intentionally left blank. UNIVERSITY
More informationSOUTHEAST MISSOURI STATE UNIVERSITY FINANCIAL STATEMENTS JUNE 30, 2016
SOUTHEAST MISSOURI STATE UNIVERSITY FINANCIAL STATEMENTS JUNE 30, 2016 Contents Page Independent Auditors Report... 1-3 Management s Discussion And Analysis... 4-13 Financial Statements Statement Of Net
More informationHUMBOLDT STATE UNIVERSITY SPONSORED PROGRAMS FOUNDATION
HUMBOLDT STATE UNIVERSITY SPONSORED PROGRAMS FOUNDATION BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND SINGLE AUDIT REPORTS Including Schedules Prepared for Inclusion in the Financial Statements
More informationIMPERIAL COMMUNITY COLLEGE DISTRICT
IMPERIAL COMMUNITY COLLEGE DISTRICT COUNTY OF IMPERIAL AUDIT REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016 AUDIT REPORT For the Fiscal Year Ended June 30, 2016 Table of Contents FINANCIAL SECTION Independent
More informationCALIFORNIA POLYTECHNIC STATE UNIVERSITY, SAN LUIS OBISPO. Financial Statements. June 30, (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Management s Discussion and Analysis 3 Financial Statements: Statement of Net Assets
More informationSOUTHWESTERN OKLAHOMA STATE UNIVERSITY
SOUTHWESTERN OKLAHOMA STATE UNIVERSITY A DEPARTMENT OF THE REGIONAL UNIVERSITY SYSTEM OF OKLAHOMA ANNUAL FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT AS OF AND FOR THE YEAR ENDED JUNE 30, 2016
More informationSOUTHWESTERN COMMUNITY COLLEGE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA SOUTHWESTERN COMMUNITY COLLEGE SYLVA, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2015 A COMPONENT
More informationAudited Financial Statements and Reports Required by Uniform Guidance As of and for the Year Ended June 30, 2018 Rogers State University
Audited Financial Statements and Reports Required by Uniform Guidance As of and for the Year Ended Rogers State University eidebailly.com Table of Contents As of and for the Year Ended Independent Auditor
More informationBRISTOL COMMUNITY COLLEGE (an Agency of the Commonwealth of Massachusetts) FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS
(an Agency of the Commonwealth of Massachusetts) FINANCIAL STATEMENTS AND MANAGEMENT S DISCUSSION AND ANALYSIS JUNE 30, 2017 Financial Statements and Management s Discussion and Analysis C O N T E N T
More informationRANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT ORANGE COUNTY
ORANGE COUNTY REPORT ON AUDIT OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION INCLUDING REPORTS ON COMPLIANCE June 30, 2017 TABLE OF CONTENTS June 30, 2017 INDEPENDENT AUDITOR S REPORT MANAGEMENT'S
More informationKalamazoo Valley Community College. Financial Report with Supplemental Information June 30, 2017
Financial Report with Supplemental Information June 30, 2017 Contents Report Letter 1-2 Management s Discussion and Analysis 3-12 Basic Financial Statements Statement of Net Position 13 Statement of Revenue,
More informationBARSTOW COMMUNITY COLLEGE DISTRICT
BARSTOW COMMUNITY COLLEGE DISTRICT San Bernardino County Barstow, California Report on Audit TABLE OF CONTENTS FINANCIAL SECTION STATEMENT OF NET POSITION...9 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
More informationJUNIOR COLLEGE DISTRICT OF EAST CENTRAL MISSOURI UNION, MISSOURI FINANCIAL STATEMENTS. Years Ended June 30, 2016 and 2015
JUNIOR COLLEGE DISTRICT OF EAST CENTRAL MISSOURI UNION, MISSOURI FINANCIAL STATEMENTS Years Ended June 30, 2016 and 2015 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT... 4 MANAGEMENT S DISCUSSION AND ANALYSIS...
More informationTRUMAN STATE UNIVERSITY A COMPONENT UNIT OF THE STATE OF MISSOURI FINANCIAL STATEMENTS JUNE 30, 2017
A COMPONENT UNIT OF THE STATE OF MISSOURI FINANCIAL STATEMENTS JUNE 30, 2017 Contents Page Independent Auditors Report... 1-2 Management s Discussion And Analysis... 3-12 Financial Statements Statement
More informationMITCHELL COMMUNITY COLLEGE
STATE OF NORTH CAROLINA OFFICE OF THE STATE AUDITOR BETH A. WOOD, CPA MITCHELL COMMUNITY COLLEGE STATESVILLE, NORTH CAROLINA FINANCIAL STATEMENT AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2015 A COMPONENT
More informationWISCONSIN INDIANHEAD TECHNICAL COLLEGE
WISCONSIN INDIANHEAD TECHNICAL COLLEGE Annual Audited Financial Statements for fiscal year ending, June 30, 2017 Wisconsin Indianhead Technical College District Shell Lake, WI Financial Statements With
More informationSouthwestern Community College District
Southwestern Community College District Chula Vista, California Basic Financial Statements, Single Audit, State Compliance and Other Supplementary Information with Independent Auditors Reports Table of
More informationCENTRAL STATE UNIVERSITY Wilberforce, Ohio. FINANCIAL STATEMENTS June 30, 2017 and 2016
Wilberforce, Ohio FINANCIAL STATEMENTS Wilberforce, Ohio FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED)... 3 FINANCIAL STATEMENTS STATEMENTS
More informationUNIVERSITY SYSTEM OF MARYLAND. Financial Statements and Supplemental Data Together with Report of Independent Public Accountants
Financial Statements and Supplemental Data Together with Report of Independent Public Accountants For the Years Ended June 30, 2014 and 2013 Page REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 1 MANAGEMENT'S
More information